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- We have a comprehensive database identifying the myriads of models and derivatives in the market today. We use a series of data providers linking the Vehicle Registration Mark to our Glass’s model codes enabling us to precisely identify each model, its parts’ numbers and repair information.Our valuation data is based on up to 1.4 million trade observations and up to 8 million retail observations each year. These are fed through a statistical model to provide highly accurate trade and retail values.
Do you include VAT in your values?
Vehicle type VAT Included Cars Yes Motorcycles Yes Caravans Yes LCV No* HCV No
The majority of commercial vehicles exclude VAT but there are some which are taxed as ‘cars’. To clarify further, these would include vehicles fitted with side windows to the rear of the driver’s seat with less than 12 seats. There is a wide selection available such as Fiat Doblo Cargo 5 seat Combi, The Nissan NV200 5 and 7 seat Combi, the Land Rover Defender 7 seat Station Wagon and the Volkswagen Caravelle.
If you require any further information on VAT and how it affects your business, please visit www.gov.uk/topic/business-tax/vat
We produce values covering vehicles going back 20 years for cars, motorcycles and caravans and 12 years for commercial vehicles, which are all available in our digital products.
This is calculated by our new valuation engine based on high volumes of trade observations from the wholesale market and statistical market analysis combined with editorial expertise.
We have produced a series of algorithms, based upon the trend data that we get from auction observations to produce each of the Hi, Av, & Lo, valuation sets. These algorithms are modified every month and for every sector (e.g. small, MPV, Convertible) using the graded prices we receive from the auction companies.
Our Trade valuation represents the typical observed price, whereas each of the 3 condition grades are fixed, irrespective of age. So the typical observed price for a late used car would be similar to Grade Hi, by virtue of the fact that a nearly new car is unlikely to have had enough use for its condition to have suffered. At between 3 and 5 years of age we would expect Trade to be comparable to Av and at around 10 years, Trade would match Lo.
Glass’s Trade value is the typical observed auction price at a given point in time, commensurate with age and mileage. Grade Hi is the aligned with Auction grades 1 & 2 or A & B – cars that would benefit from ‘slight cosmetic work’. Grade Hi value will always be higher than Glass’s Trade.
No, for two reasons. Firstly, the auction companies seldom apply a grade to very low value cars (i.e. with a potential sale price of only a few hundred pounds) so there is insufficient information to base condition values on. Secondly, at this age, virtually all cars would fall into the lowest grades so the only condition Grade we might be able to apply would be Lo. In these circumstances, we have opted to just produce the Trade value.
Our Retail Transacted valuation is calculated down from the Retail Asking value. This is a calculation to quantify the difference between dealer advertised prices and dealer transacted prices. We also use the Editors’ expertise and knowledge to make the necessary refinements.
Our valuations closely reflect the market movements in both Trade and Retail markets. This may appear less ordered as relationships between models (i.e. 3 vs 5 doors, automatic vs manual, trim levels to name a few) will no longer be pre-defined and may vary due to multiple market influences on a monthly basis. However, our Editors will continue to oversee and manage the final output of values into products to amend exceptional distortion of the market.
Trade values will cover a continuous 20 year period (from the current year). Retail Asking and Retail Transacted will also cover the same period.
We receive up to 1.4 million sale transactions per annum from both on-line and physical vehicle auctions, covering virtually all the UK auction companies and other remarketing companies. These cover the full range from closed manufacturer auctions to open de-fleet auctions. We also receive prices from manufacturers and major leasing companies selling directly to dealers.
Our valuation product(s) are specifically designed to provide the market with used trade and retail values for all new vehicles sold in significant numbers. These valuations are available for vehicles up to 20 years old. Our valuation coverage could be complete if we also provided values for those vehicles less than 12 months of age, but currently these values are primarily indicative.
What are indicative values?
These are used vehicle valuations that are calculated based on expert opinion using facts, analysis and trends, and which are therefore indicative of the current value of a vehicle in the market, despite specific observational data for the vehicle (at the age in question) not being available.
Why are they indicative?
Vehicles of this particular age very seldom reach the open market. So, unlike vehicles beyond 12 months of age, there are very few trade prices on which to base our values. Values for some nearly new vehicles are volatile because they are very often dependent on manufacturer / retailer offers and discounts. In other words, this undertaking poses difficulties when the central aim is to provide credible, robust values. However, whilst there is a shortage of trade prices, there are ways of calculating theoretical values.
Why do you provide them?
Throughout the extensive period where vehicle valuation Guides & Applications have been in existence, we have always preferred to offer values when there is some hard, factual data to substantiate them. However, we’ve found there has been great demand from our customers for us to share our expert opinion and knowledge of the industry.
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